Antony and Bose are partners in a firm. Their balance sheet as on 31st March,2018 is given in the image attached. The partners agree to admit Chapman as a partner for 1/4th from 1st April 2018 the following have been agreed upon:1) Bad Debts amounted to 1500 will be written off.2) Stock of 8000 watch taken over by Antony and Bose at book value in there profit sharing ratio. The remaining stock was valued at 2500.3) Plant and machinery and Goodwill were valued at 32000 and 20000 respectively.4) Outstanding rent amounted to 1800.5) There were unrecorded creditors of 60006) Prepaid salaries are 7800.7) Chapman brought his share of goodwill in cash.8) Chapman will bring proportionate capital and the capitals will be adjusted in their new profit sharing ratio by bringing in in or paying cash as the case may be.Prepare : (I) revaluation account(II) partners capital account(iii) balance sheet of the new firm

Antony and Bose are partners in a firm. Their balance sheet as on 31st

1.	Antony and Bose are partners in a firm. Their balance sheet as on 31st March,2018 is given in the image attached. The partners agree to admit Chapman as a partner for 1/4th from 1st April 2018 the following have been agreed upon:1) Bad Debts amounted to 1500 will be written off.2) Stock of 8000 watch taken over by Antony and Bose at book value in there profit sharing ratio. The remaining stock was valued at 2500.3) Plant and machinery and Goodwill were valued at 32000 and 20000 respectively.4) Outstanding rent amounted to 1800.5) There were unrecorded creditors of 60006) Prepaid salaries are 7800.7) Chapman brought his share of goodwill in cash.8) Chapman will bring proportionate capital and the capitals will be adjusted in their new profit sharing ratio by bringing in in or paying cash as the case may be.Prepare : (I) revaluation account(II) partners capital account(iii) balance sheet of the new firm
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